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Hong Kong Business Tycoon Accused of Money Laundering

Published September 12th, 2018 by Salesadmin

Guo Wengui, a Chinese business tycoon, has had his bank accounts frozen by Chinese authorities as part of an ongoing money laundering investigation involving his daughter and son.  Guo, who is currently seeking asylum in the US, fled from China in 2014 after accusing Chinese officials of corruption and has since then been posting graft allegations on social media and demanding a “change of the regime” regarding Beijing.

News of the investigation was leaked to the public last month after court documents were submitted by Anton Development Limited, a company owned by Wengui’s daughter, Guo Mei, who also requested a judicial review against the freezing of Guo’s accounts.  The documents revealed that Guo, his son, Guo Qian, Guo Mei, and two others were accused of using their personal bank accounts along with the accounts of Anton Development and Hong Kong International Funds Investments Limited, also owned by Guo Mei, to launder up to HK $32.9 billion.  The writ alleged that authorities refused to unfreeze the accounts which have remained frozen since July 2017 “due to the alleged police investigation of suspected money laundering offense,” and claimed that the HK $730 million in the frozen accounts comes from investment funds from Abu Dhabi.  However, Hong Kong authorities have yet to comment.

Guo has also been accused of paying bribes of up to USD $8.8 million between 2008 to 2014, to Ma Jian, former state security vice-minister of China.  Interpol issued a “red notice” or non-binding arrest warrant to Guo as a result.  Since fleeing China, Guo’s property has also been seized and his two brothers thrown into prison.


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